The capital accounts of Trent Henry and Tim Chou have balances of $183,500 and $132,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henrys interest for $42,200 and one-fourth of Chous interest for $29,000. Clarke contributes $44,800 cash to the partnership, for which she is to receive an ownership equity of $44,800.

Question Content Area

a1. Journalize the entry to record the admission of Gilbert. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableCashLeAnne Gilbert, CapitalTrent Henry, CapitalTrent Henry, Drawing	- Select -	- Select -
	Accounts PayableCashLeAnne Gilbert, CapitalLeAnne Gilbert, DrawingTim Chou, Capital	- Select -	- Select -
	Accounts PayableCashLeAnne Gilbert, CapitalTrent Henry, CapitalTrent Henry, Drawing	- Select -	- Select -

Question Content Area

a2. Journalize the entry to record the admission of Clarke. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableBecky Clarke, CapitalBecky Clarke, DrawingCashTrent Henry, Capital	- Select -	- Select -
	Accounts PayableBecky Clarke, CapitalBecky Clarke, DrawingCashTrent Henry, Capital	- Select -	- Select -

Question Content Area

b. What are the capital balances of each partner after the admission of the new partners?

Partner	Capital Balance
Trent Henry	$fill in the blank 74115002404002f_1
Tim Chou	$fill in the blank 74115002404002f_2
LeAnne Gilbert	$fill in the blank 74115002404002f_3
Becky Clarke	$fill in the blank 74115002404002f_4

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